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Irish homes market view 2009: Dublin 15

Market view: Prices in Dublin 15 have slumped by between 15 and 40%, depending on house type and location. The drop however is largely due to changes in lending criteria, combined with wage cuts and rising unemployment, according to agents. New-build properties have fared the worst, with new one-bed apartments dropping in price from 305,000 last January to 200,000.

Dublin 15 has long been an investment hotspot, with Clonsilla's growth of previous years due to its popularity as a commuter town with good train links.

However, in 2007, agents reported that 100% of purchases in Dublin 15 were made by owner-occupiers. A large bulk of housing stock also went unsold, so the rental market became flooded with vacancies, which in turn saw rental prices drop by 7%.

For the first time in a number of years, letting agents also noticed a drop in demand from Eastern Europeans and a parallel increase in demand from Irish people for rental accommodation.